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I have a 70yr house on waterfront property. Outside is upgraded, inside next? or sell as is?

When you have a million dollar piece of property with a 70yr old winterized cape-cod house that is upgraded on the outside, but needs a face lift on the inside, what do you do?

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March 21 2011 - North
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Where is the property located?  I am a realtor for the VA market and would be able to take a look at the property and give you a solid sales strategy.  

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May 03 2011
Destiny,

I'd consult with a professional (Realtor) in your area to discuss the condition of the home and whether or not interior updates/upgrades are neccessary or profitable. Definitely don't perform updates that won't recoop at least the amount you spend.
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May 02 2011
Million dollar properties, in my opinion, should not be winterized, they need as much respect as they can get, especially older ones. Keep the heat on so when prospects come visit they will at least have a "warm" feeling if only by the heat it's producing. Walking into a cold home in winter gives the impression the seller is trying to cut corners. Find the good qualities of this older home...large kitchen? Bay windows?  and add Center pieces of flower arrangements to brighten the rooms and draw as much attention away from dated interior.  Upgrading within will be costly and doubtful if return will be justified.  Selling As Is screams for low offers. 
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April 30 2011

I WOUD DEFINENTLY UPGRADE FROM PREVIOUSE EXPERIANCES I HAVE SEEN THAT BUYERS WHO BUY HOMES IN SUCH LOCATIONS LIKE TO HAVE THEM COMPLETLY UPDATED AND TURN KEY AND THEY ARE WILLING TO PAY FOR THAT. YOU WILL SEE YOUR RETURN AND HOME SOLD SOONER THEN YOU THINK.

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March 30 2011
If you will not be able to recover the cost to upgrade, or an amount acceptable to you, sell it as is and reflect the need to upgrade in the asking price. 
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March 22 2011
Contact an agent that specializes in your area and have them take a look and give you advice.  "Upgrading" the outside is sometimes just maintenance and has added no value.  Selling as-is is never a good idea unless you just don't have the money to do anything.  Even still, some cleaning, caulk and touch-up paint goes a long way.
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March 22 2011
It depends on your market and your financial situation.

Are waterfront properties selling at a brisk pace in your area?  If so, then you may not need to make interior changes.  But if sales of comparable homes are selling at a slow pace, you may indeed need to spruce up the interior in order to compete with other homes.

Do you have equity in the property?  Then you can balance out your net return based upon upgrades.

I agree.  Your best bet is to talk with an agent and look to see what similar homes have sold for, with or without interior upgrades.  Good luck!
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March 22 2011
What you do is totally dependent on your current financial position.  If you need income now and getting involved in a costly interior "make-over" is out of the question for you, just ask 3 real estate brokers in your area to come and give you a value estimate, choose one of them to list your property and sell it "as is".  Buyers usually prefer to buy a  home that needs interior work at a lower price than pay for your attempt to make improvements that may not appeal to them at all.
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March 22 2011
I assume you plan to sell.  A local Realtor would be your best resource for this type of question.  They would be able to show you what the prices are for your area given your property's condition and also be able to show you what you might get for the property with various upgrades to the place.  The agent would also be a resource for what upgrades get the best payback.  Some upgrades are easy and some take time and are messy, and some aren't worth the time and money you put in to it.  The general rule of thumb is to update the kitchen, master bedroom/bath, and guest bathroom.   It depends on how out-dated or worn your rooms are (fixtures, cabinetry, etc.)  You might get away with a face-lift, but again, talk with your local Realtor for guidance. If the carpet is worn, replace it.  Or better yet, if there's hardwood under the carpet, have the floors refinished.  And if it's appropriate, paint the rooms.  Look at magazines (or online) for rooms similar to yours and use those colors.  Soft taupes, soft blues, warm whites, pale butter yellows, these tend to work well when sprucing up to sell. Rule of thumb - no loud colors!  Well, I'm sure you get the idea. Word of advice, it's best to go easy on the upgrades and do the ones that create the best return on your investment.  Do enough to make it look good, but unless you plan to spend a lot of time and money, leave the big stuff for the new owners.  Good luck!  
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March 22 2011
 
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I have a 70yr house on waterfront property. Outside is upgraded, inside next? or sell as is?
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